The Central Bank of Nigeria (CBN) will deepen cooperation with continental partners after Nigeria was approved as a permanent member of the Board of the African Monetary Institute (AMI), CBN Governor Olayemi Cardoso said on Monday.
The approval was taken at the 39th Ordinary Session of the Assembly of the African Union in February 2026, following earlier adoption by the AU Executive Council at its 48th Ordinary Session. The AMI, established under the AU’s financial institutions framework, serves as a precursor to the African Central Bank, which is expected to be headquartered in Abuja.
“This historic decision marks a significant milestone in Africa’s financial integration journey and further emphasises Nigeria’s strategic role in shaping the continent’s evolving financial architecture,” Cardoso said in a statement issued by the apex bank.
Cardoso said hosting the AMI and, subsequently, the African Central Bank would strengthen Nigeria’s influence in the development of the continent’s single-currency framework and position the country at the centre of Africa’s monetary integration efforts.
The AU Heads of State and Government endorsed Nigeria’s standing representation on the AMI Board for the transitional phase preceding the formal establishment of the African Central Bank. The move is expected to advance macroeconomic convergence, deepen monetary cooperation and support Africa’s long-term objective of financial sovereignty and economic integration.
The CBN said it worked with the Ministries of Foreign Affairs, Justice and Finance to secure the approval. It led technical efforts that produced the draft AMI statute—adopted at the fifth Extraordinary Meeting of the Specialised Technical Committee on Finance in Abuja—and provided initial hosting facilities and logistics for the institute’s launch. The bank also participated in inter‑ministerial engagements involving the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice and the Presidency to sustain Nigeria’s advocacy at the highest political level.
Cardoso described the outcome as a reflection of sustained reforms and diplomatic engagement that have improved monetary stability, external reserves management, banking supervision and payment‑system modernisation. “Overall, the achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent,” he said.
He added that the CBN would continue to work with the African Union Commission, the Association of African Central Banks, member states and development partners to lay the groundwork for the African Central Bank and the proposed African single currency.
The statement noted that Nigeria’s permanent seat on the AMI Board is limited to the transitional period and includes a sunset clause that takes effect upon establishment of the African Central Bank, in line with AU principles of rotation, equity and regional balance.
Cardoso thanked President Bola Tinubu and Vice‑President Kashim Shettima for their support, calling the development a major step for Nigeria and Africa’s broader monetary integration agenda.
OBSERVERS TIMES observed that Nigeria secured a permanent seat on the AMI Board following deliberations at the 39th Session of the AU Executive Council. A statement from the Ministry of Foreign Affairs, signed by Minister Yusuf Tuggar, said Nigeria also secured representation on the AMI Board through the Technical Convergence Committee.
This meeting was held as a continuation of the joint Economic Community of West African States (ECOWAS)/ West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), and West African Institute for Financial and Economic Management (WAIFEM) Statutory Meetings.
It brought together representatives from ECOWAS, WAMA, WAMI, and WAIFEM to further discuss the proposed single currency for West Africa.
